Warehousing automation venture GreyOrange Robotics Pvt Ltd has raised $30 million in a fresh round of funding from existing investors Tiger Global Management, Blume Ventures and others.
GreyOrange will use the money raised to invest in R&D for new products, expand its executive team and accelerate international expansion into Asia Pacific, Middle East and Europe.
“The GreyOrange team is helping to transform the logistics industry with its high-tech, automated solutions and is now well positioned to leverage its technology globally,” said Lee Fixel, partner at Tiger Global.
The Gurgaon and Singapore-based GreyOrange was founded in 2009 by BITS Pilani alumni Samay Kohli and Akash Gupta (CTO). The duo had earlier built AcYut, an indigenously developed series of humanoid robots. A warehousing automation company, GreyOrange makes products for materials handling. The company’s flagship product is the Butler System, a fleet of mobile robots that can manage order fulfilment inside a warehouse.
It claims that this helps companies increase their efficiency and reduce operational costs. The team built the Butler System after noticing that most industrial automation products are rigid, non-flexible and take a long time to install and to achieve their full capacity. GreyOrange’s system works via proprietary machine learning and swarm intelligence algorithms. The firm says it is currently serving some of the largest companies in e-commerce, third party logistics and retail.
“We are excited to have the opportunity to work closely with some of the world’s best companies, and are delighted with our investors’ overwhelming support. We are doubling our team size globally as we steer the company and our products beyond India and into international markets,” said co-founder and CEO Kohli.
GreyOrange had last raised an undisclosed amount in Series A funding from Tiger Global Management and Blume Ventures in April last year. The round also saw participation from Alok Rawat, president of FG Wilson FZE; Dileep Nath, co-founder of Kanbay which was acquired by CapGemini and other investors.